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published on September 6, 2016 - 12:47 AM
Written by The Business Journal Staff

According to the latest report from CoreLogic, U.S. home prices in July were up both year over year and month over month.


Home prices nationwide, including distressed sales, increased year over year by 6 percent in July 2016 compared with July 2015 and increased month over month by 1.1 percent in July 2016 compared with June 2016, according to the CoreLogic Home Price Index (HPI).

In Fresno, home prices, including distressed sales, increased by 3.9 percent in July compared with July 2015. On a month-over-month basis, home prices, including distressed sales, decreased by 0.1 percent in July compared with June 2016.

In Madera, home prices, including distressed sales, increased by 5.0 percent in July compared with July 2015. On a month-over-month basis, home prices, including distressed sales, increased by 0.3 percent in July compared with June 2016.

In Visalia-Porterville, home prices, including distressed sales, increased by 5.5 percent in July compared with July 2015. On a month-over-month basis, home prices, including distressed sales, stayed the same in July compared with June 2016.

In Hanford-Corcoran, home prices, including distressed sales, increased by 5.7 percent in July compared with July 2015. On a month-over-month basis, home prices, including distressed sales, increased by 3.0 percent in July compared with June 2016.

The CoreLogic HPI Forecast indicates that home prices will increase nationally by 5.4 percent on a year-over-year basis from July 2016 to July 2017, and on a month-over-month basis home prices are expected to increase by 0.4 percent from July 2016 to August 2016.

The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.

“If mortgage rates continue to remain relatively low and job growth continues, as most forecasters expect, then home purchases are likely to rise in the coming year,” said Dr. Frank Nothaft, chief economist for CoreLogic. “The increased sales will support further price appreciation, and according to the CoreLogic Home Price Index, home prices are projected to rise about 5 percent over the next year.”

“The strongest home price gains continue to be in the western region,” said Anand Nallathambi, president and CEO of CoreLogic. “As evidence, the Denver, Portland and Seattle metropolitan areas all recorded double-digit appreciation over the past year.”


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